I thought it was such a news to learn about an insurance agent selling fake US$5m life insurance. But in the news is a report of a case of a fake $8m investment account. According to business times entitled “Client sues SocGen over his missing millions here” dated 14 October 2010, an accredited investor thought he had $8 million in his investment account but in reality it was only worth $252,652. … [Read more...]
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These articles are about ethics and market conduct of financial advisers
Top of the Table (TOT) AIA insurance agent involved in US$5m fake policy scam
Today in Sunday Times titled "US$5m insurance scam", it was reported that an Indonesia businessman is suing an Top of the Table (TOT) ex-insurance agent for selling him a fake insurance policy called the "Thank You Policy". In her defense, the ex-agent claimed that she was merely an accomplice as the ploy was conceived by the client. Although the court will have to decide who is telling the truth, … [Read more...]
AXA demanding S$7 million back from Finexis, according to report
In today’s Straits Times entitled “Insurer fumes over policy’s high lapse rate” dated 24 July 2010 by Ms Lorna Tan, it was reported that Finexis offered first year premium free for AXA’s FutureProtector – a term insurance. The first year is free because Finexis rebated majority of its commission to its clients. After 1 year, the policy lapse rate increased significantly to the extend that AXA is … [Read more...]
What are the financial planning responsibilities for parents?
Some time ago I spoke to a friend whose brother was in a coma due to hemorrhage in the brain because of a stroke. He was in coma for many months already. I understand that he was in his late thirties, got two primary school children and has a wife who was a homemaker. The coma now qualifies under total and permanent disability. Hence, the patient qualified to claim Dependent Protection Scheme … [Read more...]
70% loss because insurance agent did not provide review for 11 years
A person named Eugene Yeo complained to the IM$avvy website that his insurance agent did not provide any follow-up or review for 11 years. He incurred 70% investment losses. Below is the full complain letter: I purchased an ILP from an insurance company in 1999. However, I did not receive any follow up or review of my financial status from my agent or the company. As a result, I stopped making … [Read more...]
Why Singapore & Australia opposed banning commissions?
"Customers and clients, when they're seeing a financial planner, deserve to know that a financial planner is acting in their best interest and when you have commissions that is simply impossible," the Financial Services Minister Chris Bowen said in an article from channelnewsasia.com HERE. However, there is some opposition to it. According to the article, "the conservative opposition said it … [Read more...]
Silent Pain From an Insurance Agent
I received the following email from a disillusion insurance agent. What the person described below is very real but it is an unspoken “pain” that all insurance agents go through. I am currently a new insurance agent with one of the big companies in Singapore. I am probably getting a bit disillusioned now, what with the huge focus on sales rather than financial planning. Most of our sales come … [Read more...]
Why you should not buy products with upfront commission?
Most insurance products pay an upfront commission to the adviser. Sometime it is just one huge lump sum commission other times it is spread over 3 – 6 years. This is to provide the adviser the incentive to sell products but it also promote short-term attitude. I always encounter the following problems as a result of this: Many advisers after selling the product offer no after-sales service. … [Read more...]
Financial Planning Reports used by Fake Planners
Not everybody going to like this blog posting but as usual, it is only my opinion. I know of a number of financial advisers who will write financial planning reports for their prospect. I have seen some of these fake reports. Here are my observations of these fake reports: 1. The prospect did not even read it. It is quite amazing when I asked the client whether did he or she read the report. … [Read more...]
Buying too many insurance policies
One of the “fun part” of doing financial planning is that I get to see how people manage their money. It is a privilege of seeing people’s common ways of managing money and as well as unusual ways of how people spent their money. For individuals themselves, they will never know what are the “common ways” and the “unusual ways” because they will never disclose their full financial details to their … [Read more...]
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